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The Importance of not being Idle

Most of us will have given some passing thought to who we would like our assets to pass to on our death. But the younger people are, the more likely they are to put off making a Will: there’s plenty of time for such things later surely, tomorrow, next year…?

However, you may be familiar with the saying that “tomorrow never comes”.

Here are just a few reasons why no matter your age or stage in life you should consider having a Will made:

Money for Nothing…

A common argument for not having a Will prepared is that you think you have nothing to leave behind.  However, there are often assets that would form part of your estate which you may have overlooked. Here are a few examples;

  • Your employment may provide for a death in service payment;
  • More people have pensions than ever before with automatic enrolment in pension schemes like NEST;
  • Jewellery;
  • Car.

Destination Unknown

Have you ever thought about who will inherit your estate if you have no Will?  Many people believe that everything would automatically pass to their spouse or partner and/or their children, but It is important to realise that the law does not necessarily allow for your current family arrangement when it comes to rights of succession to your estate. 

The laws of intestacy (which regulate the distribution of an estate where there is no Will) do not take full account of more complex family situations that are common today, so you should check whether your loved ones are actually properly provided for. In particular if you are not married to your partner, and have no Will, your partner’s entitlement is not automatic. They would have to make a claim for part of the estate but could only do so where you have not left a Will which disposes of your whole estate. Ensuring now, by making a suitable Will, that your partner benefits from your estate in the way you wish would give not only peace of mind but could save on legal costs in the future.

Don’t Look Back in Anger….

If you have family or friends that you want to benefit from your estate or, perhaps just as importantly, if there are people who you want to ensure will not benefit from your estate, now is the time to get professional advice on these matters.

Contact Us

For expert advice about Wills and estate planning please contact our specialist Private Client Solicitors today.